Kenneth Rijock

Saturday, September 19, 2015

William Tynkaluk, the Leon Frazer Director who sought to give a victim of the "Cayman Gang of Four" trading scheme millions of dollars in cash, in exchange for his silence, and who is a key figure in the scandal, whereby retired Canadian investors' funds were illegally diverted into the hands of a known offshore fraudster, has implicated one of Canada's major financial investment advisers, as the brains behind the scheme, and the originator of the criminal concept. Tynkaluk alleges that Ned Goodman created the fraud, and assisted in its implementation, strictly as a means of covertly earning illicit profits for some of Canada's biggest investment firms.

Tynkaluk, who has admitted his participation in what was a criminal enterprise, asserted, to both victims of the scheme, as well as other witnesses, and who has agreed to cooperate, and testify, in any future court proceeding, stated that he & Ned Goodman contrived a fictitious threat, to convince wealthy Canadians who had assets at Leon Frazer, to move their wealth offshore. This scheme reportedly was conceived by Goodman, at a closed meeting of investment advisers, that Tykaluk, among others, attended. They thereafter advised the victims that Canada was about to change its laws, and that their liquid assets, as well as securities, would be targeted for additional taxation. There was no factual basis for this "opinion," but it served to motivate the victims to follow their advice. Tykaluk facilitated the movement of funds out of Leon Frazer, and out of the Canadian banks where they had been safely on deposit.

William Tynkaluk

Evidence in the possession of victims' attorneys shows that the clients' funds were directed to what were represented to be their own personal accounts, being opened for them at the Bank of Butterfield (Cayman) Ltd., but in truth and in fact, the money was going into Dundee Merchant Bank (Cayman) accounts at Butterfield. That specific misstatement of material fact, in writing, came from Derek Buntain, now missing from Grand Cayman, but then the president of Dundee Merchant Bank, and one of the notorious Cayman Gang of Four, together with Sharon Lexa Lamb, at that time the Senior Vice President & Director of the bank, who handled a large portion of the illegal transactions.

Derek Buntain

The illicit trading, and undisclosed taking of profits, only a small percentage of which were actually distributed to the clients, followed. The scope of this criminal enterprise only became known when investors/victims asked for disbursement of their money, only to be told that it was with the Gang of Four fugitive, the stock trader Ryan Bateman, who absconded from a Cayman criminal case, and who is also missing, with their money.

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